Like most markets, there is a growing trend in the area due to affordability and increasing more things to do. 

Quote from @Greg Kasmer: I'm curious as to your comment on getting back in when the bottom has been "somewhat defined" - Is that defined by rents stabilizing and/or increasing or another metric?

The property has a 3 car garage that could be rented to tenants to increase ROI. 

The Raleigh market may have increased by 40% after the Apple announcement, but it wasn't because of Apple, at least not solely.

When the ROE is significantly smaller than my CoC return (based on initial investment) I know it's time to make a move to increase the velocity of the money.

This is usually done to increase your rental income but it comes with a price as you are finding out.  

And during inflationary times, our rental rates increase.

It’s just going to slowing increase with inflation.  

Furthermore you can vastly increase your returns through leverage using a non-recourse loan but that will definitely trigger UBIT but again the numbers can still make a lot of sense. 

The time back will free up more time to increase your active income, or acquisition of more rentals to get you more cashflow (passively or actively).